Question 1
Tools of Economic AnalysisFind the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20,10, 5
- A.24
- B.5
- C.19
- D.12
Show the answer and explanation
Answer: C (19)
Explanation
Range = highest − lowest = 24 − 5 = 19.
UI Post-UTME Economics 2017 (Model questions) past questions and answers
2 questions. Try each one, then open the answer to check yourself and read the explanation.
Question 13
ElasticityPrice (₦): 1, 2; Qty (bags): 60, 120. From the table above, the price elasticity of supply is
- A.25
- B.1
- C.2
- D.4
Show the answer and explanation
Answer: B (1)
Explanation
Quantity rises by 100% (60 to 120) and price by 100% (₦1 to ₦2), so PES = 1.